Nigel Verdon

Nigel Verdon, CEO and founder of Railsbank

Railsbank closes US$1.2m funding round

Global open banking and compliance platform Railsbank has closed a US$1.2m funding round.

Railsbank is a banking and compliance platform that connects a global network of partner banks with companies who want API access to global banking.

The company’s vision is to give digitally native companies access to global transaction banking with five lines of code and is revolutionising the access to international transaction banking.

The latest investment round, led by Firestartr, included Kima Ventures and industry angels Peter Jackson (CEO WorldPay UK), Tim Levene (Betfair, Augmentum Capital) and Phillip Riese (former chairman of Zopa, NED Cross River Bank).

The money will be used to build out Railsbank’s partner network (who deliver the underlying financial products to customers) and to offer pan-European capabilities to customers and make its open banking platform live.

Co-founder and CEO, Nigel Verdon, said: “We are delighted to have closed this latest round and received backing from such leading firms and figures in the investment community.

“It underlines the confidence we and others have in Railsbank, and our business model, and it will allow the company to continue to develop in the direction and at the pace we have planned.”

Firestartr chairman and general partner, Richard Muirhead, added: "We are very excited to welcome Nigel, Clive and their awesome team to the Firestartr portfolio.

“Most of the market is focused on PSD2 and not focused where RailsBank are, for example, building a global bank, delivered as a platform.

“We believe this gives them an advantage and look forward to working with them on their journey as they scale RailsBank from seed stage to series A and beyond."